Core Viewpoint - Suzhou Fengbei Biotechnology announced plans to engage in foreign exchange derivatives trading, including forward foreign exchange settlements and foreign exchange options, to mitigate risks associated with fluctuations in the foreign exchange market [1] Group 1: Business Strategy - The company and its subsidiaries intend to utilize up to $50 million (or equivalent currency) of idle funds for these transactions [1] - The trading period will not exceed 12 months, and the transaction amounts can be reused [1] Group 2: Risk Management - The company has established corresponding risk control measures, asserting that the business operations are necessary and feasible [1] - The maximum trading margin and premium will not exceed $2.5 million [1]

Company Overview - The company in focus is Fengbei Biological (603334), which specializes in the comprehensive utilization of waste resources, particularly known for its "waste oil refining" business model, converting waste oils into biodiesel and bio-based materials [3][5] - Fengbei Biological holds EU ISCC certification and has established partnerships with leading agricultural companies and international firms like Shell and BP, positioning itself as a top player in the domestic biodiesel industry [3] Financial Performance - From 2022 to 2024, the company's revenue is projected to increase from 1.709 billion to 1.949 billion yuan, while the net profit attributable to shareholders is expected to decline from 133 million to 124 million yuan, indicating a "revenue growth without profit growth" scenario [5] - The Q3 2025 report shows revenue of 2.251 billion yuan and a net profit of 117 million yuan, reflecting year-on-year growth of 62.32% and 35.32% respectively, but the net profit margin has decreased from 6.97% in the first half of 2024 to 5.21% [5] Market Reaction - After its debut on November 5, the stock experienced a significant drop, with seven out of nine trading days closing lower, plummeting from a peak of 76 yuan to around 47 yuan, highlighting a volatile market response [11][13] - The stock initially surged by 172% on the first day but faced a sharp decline of 14.4% the following day, leading to substantial losses for investors who bought in at higher prices [11][13] Investor Sentiment - Investors expressed frustration over the perceived manipulation of the stock, with claims that the actual controller had already profited through related transactions and cash dividends prior to the IPO, totaling over 65 million yuan [9] - The situation has raised concerns about the role of the underwriting institution, which is seen as prioritizing profit over the quality of the offering, leading to a sentiment of betrayal among retail investors [9][13]

（文章来源：证券日报） 证券日报网讯 12月5日，丰倍生物在互动平台回答投资者提问时表示，公司目前生产经营活动正常，不 触及《上海证券交易所股票上市规则》规定的风险警示情形。二级市场股票价格受到宏观环境、市场环 境、投资者情绪等多个因素的综合影响，敬请投资者注意投资风险。 ...

- The report discusses the IPO performance in November 2025, highlighting that 11 new stocks were listed across the Shanghai, Shenzhen, and Beijing stock exchanges, raising a total of 101.88 billion yuan [2][8] - The average first-day increase for the six new stocks listed on the Shanghai and Shenzhen markets was 209%, with notable variations among individual stocks [2][11] - The report provides a detailed breakdown of the IPO performance by market segment, including the main board, STAR Market, and ChiNext, with specific examples such as Daming Electronics and Hengkun New Materials [11][14] - The report also includes a comprehensive analysis of the monthly IPO subscription returns, with A/B class accounts earning 73.17/71.87 million yuan respectively in November 2025 [14][16] - The report suggests that the "inclusion" strategy remains optimal, recommending active participation in low-priced, small-cap new stocks with high first-day increase potential, as well as large-cap stocks with significant offline allocation [15][17]

- The report introduces a quantitative model for calculating IPO returns based on the formula: **Single account IPO return = min(account size, subscription limit) * winning rate * return rate** **A/B class investors full subscription return = subscription limit * A/B class offline winning rate * return rate** The winning rate considers actual offline IPO results, and the return rate is calculated using the first-day average transaction price relative to the issue price for registered IPOs, or the average transaction price on the opening day for non-registered IPOs[42][43][48] - The model evaluates IPO returns across different market segments (Main Board, ChiNext, STAR Market) and investor classes (A/B). For November 2025, the calculated IPO return rates for a 5-billion-scale account are: **Main Board:** A class: 0.037%, B class: 0.035% **ChiNext:** A class: 0.058%, B class: 0.058% **STAR Market:** A class: 0.046%, B class: 0.045%[43][44][47] - The cumulative IPO return rates for 2025 are: **A class:** 1.716% **B class:** 1.399% These values are based on a 5-billion-scale account participating in all IPOs during the year[49][50][51] - Full subscription returns for November 2025 are calculated as follows: **Main Board:** A class: 19 million yuan, B class: 17.9 million yuan **ChiNext:** A class: 31.3 million yuan, B class: 31.2 million yuan **STAR Market:** A class: 22.8 million yuan, B class: 22.6 million yuan[52][53][55]

Core Insights - The biodiesel sector experienced a decline of 4.59% on November 14, with Hai Xin Energy leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - International Industrial (000159) closed at 6.85, up 2.24% with a trading volume of 237,400 shares and a transaction value of 163 million [1] - Zhongliang Technology (000930) closed at 6.12, down 0.65% with a trading volume of 153,900 shares and a transaction value of 94.66 million [1] - Pengpeng Environmental (300664) closed at 6.12, down 1.92% with a trading volume of 331,800 shares and a transaction value of 205 million [1] - Excellent New Energy (688196) closed at 61.71, down 4.01% with a trading volume of 25,600 shares and a transaction value of 158 million [1] - Fengbei Biological (603334) closed at 48.30, down 4.03% with a trading volume of 79,100 shares and a transaction value of 38.8 million [1] - Jiaao Environmental (603822) closed at 109.69, down 4.42% with a trading volume of 26,700 shares and a transaction value of 296 million [1] - Shangaohuan Energy (000803) closed at 7.94, down 6.59% with a trading volume of 865,200 shares and a transaction value of 687 million [1] - Hai Xin Energy (300072) closed at 5.56, down 10.03% with a trading volume of 2,447,900 shares and a transaction value of 1.407 billion [1] Capital Flow - The biodiesel sector saw a net outflow of 390 million from main funds, while retail investors contributed a net inflow of 288 million [1] - The detailed capital flow for individual stocks shows varying trends, with International Industrial seeing a net inflow of 3.08 million from main funds, while Hai Xin Energy experienced a net outflow of 150 million [2]

Core Points - Fengbei Bio (603334) experienced a 2.57% increase in stock price with a turnover rate of 36.37% and a trading volume of 589 million yuan, indicating significant market activity [2] - The stock was listed on the Shanghai Stock Exchange due to its high turnover rate, with a net buying amount of 45.77 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 127 million yuan, with a net buying amount of 45.77 million yuan after deducting sales [2] Trading Activity - The largest buying brokerage was Guotai Junan Securities Headquarters, with a purchase amount of 27.46 million yuan, while the largest selling brokerage was Jinyuan Securities Jiangsu Branch, with a selling amount of 10.28 million yuan [2] - The stock saw a net inflow of 71.99 million yuan from main funds, including a net inflow of 34.44 million yuan from large orders [2] - Over the past five days, the net inflow of main funds totaled 71.12 million yuan [2] Financial Performance - For the first three quarters, Fengbei Bio reported a revenue of 2.251 billion yuan, representing a year-on-year growth of 62.32%, and a net profit of 117 million yuan, reflecting a year-on-year increase of 35.32% [2]

Core Insights - The biodiesel sector experienced a 3.5% increase on November 12, with Shanggou Huanneng leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Sector Performance - Shanggou Huanneng (000803) closed at 8.72, up 9.96% with a trading volume of 482,400 shares and a transaction value of 416 million [1] - Jiaao Environmental Protection (603822) closed at 114.00, up 8.79% with a trading volume of 41,500 shares and a transaction value of 463 million [1] - Zhuoyue New Energy (688196) closed at 64.20, up 5.59% with a trading volume of 50,900 shares and a transaction value of 326 million [1] - Pengyao Environmental Protection (300664) closed at 6.28, up 3.80% with a trading volume of 736,200 shares and a transaction value of 464 million [1] - Fengbei Biological (603334) closed at 52.22, up 2.57% with a trading volume of 112,900 shares and a transaction value of 589 million [1] - Hainxinnengke (300072) closed at 5.88, up 0.86% with a trading volume of 3,180,700 shares and a transaction value of 1.872 billion [1] - International Industry (000159) closed at 6.70, up 0.45% with a trading volume of 272,900 shares and a transaction value of 182 million [1] - COFCO Technology (000930) closed at 6.11, up 0.33% with a trading volume of 197,000 shares and a transaction value of 120 million [1] Capital Flow - The biodiesel sector saw a net inflow of 321 million from main funds, while retail funds experienced a net outflow of 227 million [1] - Main funds for Shanggou Huanneng had a net inflow of 138 million, representing 33.05% of the total [2] - Fengbei Biological had a net inflow of 78.42 million from main funds, accounting for 13.32% [2] - Pengyao Environmental Protection had a net inflow of 72.13 million from main funds, representing 15.54% [2] - Zhuoyue New Energy had a net inflow of 31.32 million from main funds, accounting for 9.60% [2] - Jiaao Environmental Protection had a net inflow of 9.39 million from main funds, representing 2.03% [2] - Hainxinnengke had a minimal net inflow of 234,700 from main funds [2] - COFCO Technology experienced a net outflow of 18.51 million from main funds, representing -15.39% [2]

Core Viewpoint - Fengbei Bio's stock price has experienced a significant decline of 25.28% this year, with a notable drop of 2.02% on November 12, 2023, leading to a market capitalization of 7.158 billion yuan [1][2]. Group 1: Stock Performance - As of November 12, 2023, Fengbei Bio's stock price was reported at 49.88 yuan per share, with a trading volume of 48.5745 million yuan and a turnover rate of 3.10% [1]. - The company has seen a net outflow of main funds amounting to 1.8158 million yuan, with large orders buying 5.5954 million yuan and selling 5.0300 million yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the latest appearance on November 5, 2023, showing a net purchase of 17.8625 million yuan [1]. Group 2: Financial Performance - For the period from January to September 2025, Fengbei Bio reported a revenue of 2.251 billion yuan, reflecting a year-on-year growth of 62.32%, and a net profit attributable to shareholders of 117 million yuan, which is a 35.32% increase year-on-year [2]. - The company's main business revenue composition indicates that 91.18% comes from waste resource utilization, with bio-based materials contributing 79.60% [1][2]. Group 3: Company Overview - Fengbei Bio, established on July 25, 2014, is located in Jintan District, Changzhou, Jiangsu Province, and primarily focuses on the comprehensive utilization of waste oil resources [1]. - The company operates in the basic chemical industry, specifically in the category of other chemical products, and is classified under several concept sectors including new stocks and biomass energy [2].

IPO Pipeline Status - As of November 9, there are 276 companies in the IPO pipeline, including 21 on the Shanghai Main Board, 35 on the Sci-Tech Innovation Board, 21 on the Shenzhen Main Board, 26 on the ChiNext, and 173 on the Beijing Stock Exchange [1] Newly Listed Companies - From November 3 to November 9, five companies were newly listed: - Dana (Tianjin) Biotechnology Co., Ltd. on the Beijing Stock Exchange with a closing price of 102.10 CNY per share, a rise of 497.08%, and a trading volume of 6.65 billion CNY [3] - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board with a closing price of 66.76 CNY per share, a rise of 172.60%, and a trading volume of 16.50 billion CNY [3] - Daming Electronics Co., Ltd. on the Shanghai Main Board with a closing price of 64.45 CNY per share, a rise of 413.55%, and a trading volume of 16.94 billion CNY [4] - Delijia Transmission Technology (Jiangsu) Co., Ltd. on the Shanghai Main Board with a closing price of 70.52 CNY per share, a rise of 51.07%, and a trading volume of 18.50 billion CNY [5] - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange with a closing price of 38.54 CNY per share, a rise of 170.08%, and a trading volume of 4.62 billion CNY [6] New Counseling Record Companies - During the same period, 10 companies were added to the counseling record, including: - Hangzhong Tianqi (Chongqing) Microelectronics Co., Ltd., focusing on communication and intelligent terminal chips [7] - Anwen Technology Group Co., Ltd., specializing in automotive cabin safety and comfort components [9] - Duality Biotherapeutics, Inc., a clinical-stage innovative biopharmaceutical company [9] - Wuhan Jiachen Electronics Technology Co., Ltd., engaged in high-voltage safety systems for new energy vehicles [9] - Guangdong Jingyi Furniture Co., Ltd., focusing on office seating solutions [9] - Inner Mongolia Dongyuan Environmental Protection Technology Co., Ltd., involved in wastewater treatment [9] - Ningbo Jinlai Chemical Co., Ltd., a chemical product manufacturer [9] - Shenzhen Zhongji Automation Co., Ltd., specializing in lithium battery automation production equipment [10] - Huanuo Star Technology Co., Ltd., engaged in radar and intelligent robotics research [10] - Anhui Xinyuan Technology Co., Ltd., focusing on fine chemicals [10] Companies Approved for Review - Five companies successfully passed the review process from November 3 to November 9: - Shandong Qilong Marine Oil Steel Pipe Co., Ltd., involved in marine drilling riser development [12] - Chongqing Zhixin Industrial Co., Ltd., specializing in automotive welding parts [12] - Shaanxi Tourism Culture Industry Co., Ltd., offering tourism-related services [12] - Zhejiang Haiseng Medical Devices Co., Ltd., providing anesthesia and monitoring medical devices [12] - Hebei Guoliang New Materials Co., Ltd., focusing on high-temperature industrial refractory materials [12] Companies Registered Successfully - Two companies received registration approval during the period: - Ningbo Jianxin Superconducting Technology Co., Ltd., involved in MRI equipment core components [15] - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., focusing on PVA and specialty fibers [15] Companies Terminated IPO Review - Two companies withdrew their IPO applications: - Fujian Haichuang Optoelectronic Technology Co., Ltd., specializing in laser technology [16] - Shandong Canon Technology Co., Ltd., focusing on energy-saving and environmental protection technologies [17]